All Forum Posts by: Russell Ponce

Buyers are a dime a dozen. Do whatever your intuition tells you to do but the deal is where its at.

I would never suggest looking for wholesale deals on mls (although some may), but you will be able to determine value and see who is executing cash transactions, how much they are paying and what and where they are buying.

I like jp moses' contracts. They should be free, google his name or reiology.com

Priscilla gave you the tried and true method. Shoot for $10k profit and be conservative with your ARV

@Shawn Thom I like that wording, thanks

Ok. I never thought of agent's commission as closing costs, we negotiated commissions and closing costs seperately.

I dont mind paying the agent if he's helping me with a hard to sell property but if im just handing them a deal to spread the wealth they will have to divvy up their cut on their own.

Listen to podcast #37, Aaron runs a thriving business in the inland empire

Who pays the buyer's agent? I got caught off guard once and paid him out of assignment fee. Next time I show them a deal Im going to say buyer has to pay his guy.

What is customary?

Just let the one buyer who is going to purchase your contract go see the property. It should only be for him or her to confirm their purchase. The buyer is a financial partner, you can mention casually that sometimes these partners like to buy you out. It's a little less profit for you but also less risk. 

Say as much or as little as you are comfortable with. It should be honest without providing them the definitive guide on wholesaling.

The buyer can ask the seller anything he wants, just don't discuss price. 

If the buyer backs out because of the condition of the property you will have to make some decisions, renegotiate or find a new buyer or both. Anyways, the house visit should be a formality.

And while you can make more money by pitting buyers against one another, I personally prefer to deal with one at a time unless and until you have to scramble to find a buyer.

The traditional MAO formula is 70% ARV minus repairs and minus your profit. The 70% can be lowered based on house and/or location.

Its not the only formula but the 70% rule seems to be the most common use of MAO